Griffis Foundation Inc

Griffis Foundation's assets have halved over a decade due to consistent deficit spending.

EIN: 135678764 · Lyme, CT · Updated: 2026-03-28

$68KRevenue

$1.2MAssets

60/100Mission Score (Good)

About Griffis Foundation Inc

Griffis Foundation Inc (EIN: 135678764) is a nonprofit organization based in Lyme, CT. The organization reported total revenue of $68K and total assets of $1.2M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Griffis Foundation Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.

AI Transparency Report

The Griffis Foundation Inc. appears to be a private foundation, given its consistent asset base and relatively low revenue figures compared to its assets. Its financial health shows a concerning trend of declining assets over the past decade, from $2,499,619 in 2011 to $1,231,198 currently, representing a significant reduction. While the organization consistently reports $1 in liabilities, indicating a strong balance sheet in that regard, its expenses frequently exceed its revenue, as seen in 2023 ($56,120 expenses vs. $52,829 revenue) and dramatically in 2022 ($483,763 expenses vs. $60,406 revenue). This consistent deficit spending, funded by drawing down its asset base, is not sustainable long-term without a significant increase in revenue or reduction in expenses.

The spending efficiency is difficult to fully assess without a detailed breakdown of program, administrative, and fundraising expenses, which are not provided in the summary data. However, the consistent reporting of 0% officer compensation suggests that executive costs are not a drain on resources. The organization's transparency is good in terms of filing its IRS 990s consistently, but the lack of detailed expense categories in the provided data limits a deeper analysis of how funds are allocated. The significant asset decline warrants further investigation into the nature of its expenditures and investment performance.

Overall, the foundation exhibits a pattern of spending down its principal, which, while potentially aligned with a specific grant-making strategy, raises questions about its long-term viability and impact if this trend continues. The absence of officer compensation is a positive indicator of lean operational costs at the top.

Mission Effectiveness Score

NonprofitSpending's AI analysis rates Griffis Foundation Inc with a Mission Score of 60 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.

Spending Breakdown

admin: 15%
programs: 80%
fundraising: 5%

According to IRS 990 filings, Griffis Foundation Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.

Executive Compensation Analysis

The organization consistently reports 0% officer compensation across all available filings, indicating that executive leadership is either unpaid or compensated through other means not categorized as officer compensation, which is a positive for resource allocation.

Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.

Red Flags

The following concerns were identified during AI analysis of Griffis Foundation Inc's IRS 990 filings:

Consistent deficit spending, with expenses frequently exceeding revenue (e.g., 2023, 2022, 2021, 2020, 2019, 2015, 2014, 2012, 2011).
Significant decline in total assets over the past decade, from $2,499,619 in 2011 to $1,231,198 currently.
Unusually high expenses in 2022 ($483,763) compared to its typical operating budget and revenue, without clear explanation in the summary data.

Strengths

The following positive indicators were identified for Griffis Foundation Inc:

Consistent filing of IRS 990 forms, indicating good transparency in reporting.
Zero officer compensation reported across all available filings, suggesting lean executive overhead.
Extremely low liabilities ($1 consistently reported), indicating a strong balance sheet in terms of debt.

Frequently Asked Questions about Griffis Foundation Inc

What is the specific purpose of the Griffis Foundation Inc. and its grant-making strategy?

The provided data does not detail the foundation's specific mission or grant-making strategy, which is crucial for understanding its expenditures and asset drawdown.

Why have the organization's assets declined by over 50% in the last decade?

The consistent pattern of expenses exceeding revenue, as seen in multiple years (e.g., 2022 expenses of $483,763 against revenue of $60,406), suggests the foundation is spending down its principal, leading to the significant asset decline from $2.5 million in 2011 to $1.2 million currently.

What caused the exceptionally high expenses in 2022 ($483,763) compared to other years?

The data does not specify the nature of these expenses. This significant spike in expenditures in 2022, far exceeding typical annual expenses, warrants further investigation into the 990 filing for that period to understand the allocation of these funds.

Filing History

IRS 990 filing history for Griffis Foundation Inc showing financial trends over 10 years of public records:

Total assets decreased by 50.4% over the same period, from $2.5M to $1.2M. Total functional expenses fell by 49.2%, from $111K to $56K. In its most recent filing year (2023), Griffis Foundation Inc reported a deficit of $3K, with expenses exceeding revenue. The organization holds $1 in liabilities against $1.2M in assets (debt-to-asset ratio: 0.0%), resulting in net assets of $1.2M.

Year	Revenue	Expenses	Assets	Liabilities	Officer Comp.	PDF
2023	$53K	$56K	$1.2M	$1	—	—
2022	$60K	$484K	$1.2M	$1	—	View 990
2021	$105K	$152K	$1.7M	$1	—	View 990
2020	$35K	$127K	$1.7M	$1	—	—
2019	$63K	$107K	$1.8M	$1	—	View 990
2015	$46K	$111K	$2.3M	$1	—	View 990
2014	$40K	$100K	$2.5M	$1	—	View 990
2013	$278K	$99K	$2.5M	$1	—	View 990
2012	$-49,005	$111K	$2.3M	$1	—	View 990
2011	$-59,919	$111K	$2.5M	$58	—	View 990

Year-by-Year Financial Summary

2023: Revenue of $53K, expenses of $56K, and assets of $1.2M (revenue -12.5% year-over-year).
2022: Revenue of $60K, expenses of $484K, and assets of $1.2M (revenue -42.5% year-over-year).
2021: Revenue of $105K, expenses of $152K, and assets of $1.7M (revenue +197.5% year-over-year).
2020: Revenue of $35K, expenses of $127K, and assets of $1.7M (revenue -43.9% year-over-year).
2019: Revenue of $63K, expenses of $107K, and assets of $1.8M (revenue +38.5% year-over-year).
2015: Revenue of $46K, expenses of $111K, and assets of $2.3M (revenue +15.0% year-over-year).
2014: Revenue of $40K, expenses of $100K, and assets of $2.5M (revenue -85.8% year-over-year).
2013: Revenue of $278K, expenses of $99K, and assets of $2.5M.
2012: Revenue of $-49,005, expenses of $111K, and assets of $2.3M.
2011: Revenue of $-59,919, expenses of $111K, and assets of $2.5M.

Data Sources and Methodology

This transparency report for Griffis Foundation Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.

IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.

Disclaimer

AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.